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Textron Pays for Shares of United Industrial Corporation


Providence, RI.- Textron Inc. (NYSE: TXT) announced today that its wholly owned subsidiary has purchased and paid for a total of 8,417,623 shares of common stock of United Industrial Corporation (NYSE: UIC) which were tendered in its offer for UIC common stock that expired on November 13, 2007, representing approximately 85% of UICís outstanding common stock. Textron also announced that 1,621,653 shares of UIC common stock, which had been tendered in the offer through notices of guaranteed delivery, have not been delivered as required on or before November 16, 2007 and, as a result, such shares have not been purchased by Textronís subsidiary. Accordingly, the merger of Textronís wholly owned subsidiary with and into UIC has not yet occurred.

Textron plans to complete the merger as soon as practicable, and may, if necessary, request that UIC call a shareholder meeting so the merger can be completed on a long form basis. Once the merger has been completed, shares of UIC common stock not tendered in the merger (other than those as to which holders properly exercise appraisal rights, if any) will be converted into the right to receive the same $81.00 per share, without interest and less any required withholding taxes, that was paid in the tender offer.


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